The Nifty 50 index closed at 24,205, down 136 points, after facing selling pressure for the second consecutive session. Market participants are being cautious due to the upcoming US elections on November 5.

Technical analysts have observed a bearish candlestick pattern and a negative crossover in the Relative Strength Index (RSI), indicating a lower high-lower low formation. If the Nifty breaks below 24,100, the next support zone to watch will be between 24,000 and 23,900. Resistance is at 24,500, and any upward movement is likely to encounter selling pressure.

The index struggled to maintain its opening gains and faced resistance around the 50-day Exponential Moving Average (EMA), resulting in a pullback towards 24,200. Market sentiment is expected to remain weak as long as the Nifty stays below the 24,500 mark.